
Fidelity Set to File for Spot Bitcoin ETF
Fidelity Investments is preparing to submit its own filing for a spot bitcoin exchange-traded fund (ETF), following in the footsteps of BlackRock and other asset managers, unnamed sources told crypto publication The Block.
The launch of a spot bitcoin ETF is seen as a significant development in the market, providing investors with exposure to bitcoin without having to directly deal with the asset.
This will be Fidelity’s second attempt at launching a bitcoin ETF, after its previous filing for its Wise Origin Bitcoin Trust was denied by the SEC.
Still, the $4.2 trillion asset manager has been involved in digital assets through its dedicated arm, Fidelity Digital Assets. Having entered the scene with the launch of its Ethereum trading service for institutional clients in late October 2022, Fidelity Digital Assets has established itself as a serious contender in the market.
BlackRock’s spot bitcoin ETF application, and other companies including Invesco, WisdomTree and Bitwisee joining the frenzy, has markedly improved sentiment in the space with the price of Bitcoin recently setting a new high for the year above $31,000.